Gareme Souness has revealed his disappointment at having his takeover bid for Wolves rejected.

But the former Liverpool, Rangers and Newcastle manager has not given up hope of taking control of the Coca-Cola Championship club.

Wolves last week revealed the £20m offer put forward by Souness and his consortium was "significantly below proposals already put forward by other parties".

But a statement issued by Souness last night read: "We are disappointed that our offer for Wolverhampton Wanderers has been rejected. We felt we ticked all the boxes that Sir Jack Hayward required. Our offer remains on the table and will do so for the foreseeable future.

"My partner and I have an in-depth knowledge of both football and business and we would love the opportunity to return Wolves to where they belong - in football's top flight."

Wanderers have appointed a leading City investment bank to advise on the other offers. Rothschild advised on the recent takeovers of Manchester United and Aston Villa and provided expert financial advice to Arsenal, Liverpool and the Premier League. Hayward, the club's owner, has offered to hand over controlling interest at Molineux in exchange for significant investment in Wolves. He initially asked for £40m to be pumped into the club, but halved that in November - apparently sparking the current interest.

Souness has claimed his consortium involves a "British businessman with British-based interests".